Check out the companies making headlines before the bell:
Oracle (ORCL) – Oracle beat estimates by 2 cents a share, with quarterly profit of 90 cents per share. The business software giant’s revenue fell short of Wall Street estimates and its current-quarter earnings outlook falls largely below Wall Street forecasts. Separately, Chairman Larry Ellison said the company has no plans to appoint a second CEO following the October death of co-CEO Mark Hurd. Safra Catz will remain the sole chief executive.
Adobe (ADBE) – Adobe reported quarterly profit of $2.29 per share, 3 cents a share above estimates. The software company’s revenue was slightly above forecasts as well. Investors were encouraged by Adobe’s ability to maintain a revenue growth rate above 20%.
Costco (COST) – Costco came in a penny a share ahead of estimates, with quarterly profit of $1.73 per share. The warehouse retailer’s revenue came in below forecasts, however, due to a slowdown in e-commerce growth.
Broadcom (AVGO) – Broadcom beat estimates by 4 cents a share, reporting quarterly profit of $5.39 per share. The chipmaker’s revenue also exceeded forecasts. Broadcom said it was benefiting from strong demand for 5G-related chips as well as software unit growth. Broadcom also raised its target dividend by 23% to $3.25 per share for fiscal 2020.
Sarepta Therapeutics (SRPT) – The drugmaker received an early Food and Drug Administration approval for its second treatment for Duchenne muscular dystrophy. Sarepta will still need to conduct a trial to confirm the drug’s benefits, which it said it expects to conclude by 2024.
Tapestry (TPR) – The luxury goods company said Kate Spade CEO Anna Bakst will depart at the end of 2019, after less than two years on the job. Same-store sales at the handbag maker have been falling since Kate Spade was acquired by Tapestry – then known as Coach – in 2017.
Liberty Sirius XM Group (LSXMA) – The affiliate of John Malone’s Liberty Media is seeking Justice Department permission to increase its stake in radio broadcaster iHeartMedia (IHRT), according to The Wall Street Journal. Liberty currently owns a 4.8% stake.
Snap (SNAP) – The Snapchat parent was upgraded to “outperform” from “market perform” at JMP Securities, which cites optimism about Snap’s ability to grow its user base.
Lyft (LYFT) – The ride-hailing service has begun offering car rentals through its app, with the service initially available in the San Francisco Bay area and in Los Angeles. The news could impact shares of car rental companies like Hertz Global (HTZ) and Avis Budget (CAR).
OneConnect Financial (OCFT) – The financial technology provider priced its initial public offering at $10 per American depositary share. It had lowered the expected range to $9 to $10 per share Wednesday from the prior $12 a share. OneConnect is a unit of China’s Ping An Insurance and has Japan’s SoftBank as one of its primary investors.